Collections and Financial Recovery
Collections and Recovery helps financial institutions and corporations streamline their collection processes, reduce delinquencies, and maintain positive customer relationships.
Required Editions
| Available in: Available in: Lightning Experience |
| Available in: Financial Services Cloud: Enterprise, and Unlimited Editions where Financial Services Cloud is enabled |
Here’s a business use case scenario for the Collections and Recovery feature in Financial Services Cloud.
Use case
Consider a financial institution providing various lending products like personal loans, auto loans, and credit cards. Inefficient management of delinquent accounts results in rising operational costs and increased bad debt. To address these concerns, implementing a Collections and Recovery feature can improve collections efficiency, decrease delinquent accounts, and mitigate the financial impact of bad debts.
Impact
To improve the efficiency and effectiveness of the collections process, reduce the number of delinquent accounts, and minimize the financial impact of bad debts.
Key Features
- Collections and Recovery Console app: Easily monitor and manage collection and recovery processes. Use the prebuilt features to streamline client interactions for collections specialists and managers.
- Salesforce Pay Now: Facilitate efficient debt recovery by generating and sending secure payment links for immediate or scheduled payments.
- Promise-to-pay Agreements: Manage cash flow and streamline delinquent payment processes while supporting positive customer relationships.
- Case Management for Collections: Automate case creation and closure for collection plans.
- Prioritized Lists of Collections Plans: Quickly get started with collection activities, and streamline work distribution and collaboration by using Actionable Lists.
- Payment Status Notifications: Configure notifications that automatically inform customers of their payment status.
- Segments for Collection Strategies: Determine collection segments to use to tailor collection strategies, mitigate credit risk, and prioritize collections efforts.
- Direct Debit Requests for Failed Debits: Address failed debits and maximize collections.
Explore and Learn
Watch this video to understand how Collections Console can help streamline your debt recovery process.
If you aren’t able to watch the video in full screen, open the
video on a new tab: 
Collections Console for Collections and Financial Recovery.
To learn how to set up and use Collections and Recovery in your org, see Collections and Recovery.
